VanEck’s unexpected filing for a Solana ETF has stirred significant interest in the crypto market. This landmark move prompted Bitcoin prices to surge past $62,000, while Solana experienced nearly a 10% increase. This development also boosted the spot Bitcoin ETF sector, bringing in notable inflows.
How Are Spot Bitcoin ETFs Performing?
Yesterday’s total inflows into U.S. spot Bitcoin ETFs reached $11.8 million, a modest amount compared to previous days. Grayscale’s Bitcoin ETF was the only one to see outflows, losing $11 million. Despite this, other ETFs witnessed positive inflows, ending the day on a positive note.
Interestingly, BlackRock’s ETF saw no inflows for the second consecutive day, making it a notable exception. This lack of inflows allowed other spot Bitcoin ETFs to take the lead in the market.
Where Is the Largest Inflow?
The Bitwise Bitcoin ETF saw the largest inflow at $8 million, according to SoSoValue figures. Fidelity’s ETF followed with a $7 million inflow, while Franklin, Invesco, and Ark Invest recorded $4 million, $3 million, and $2 million respectively. Other Bitcoin ETFs recorded no inflows.
Investment Takeaways
Key points for investors to consider:
- Monitor VanEck’s Solana ETF filing for market impact.
- Track Bitcoin ETF inflows and outflows, especially BlackRock’s performance.
- Watch Bitcoin price movements closely, influenced by ETF activities.
- Be aware of the Fed’s interest rate cut timeline, now expected in December.
Current Bitcoin Price Dynamics
Bitcoin currently trades at $61,518, having peaked at $62,389 in the last 24 hours. The Fed’s anticipated interest rate cuts, now likely in December, will be a crucial factor in supporting Bitcoin prices. Initially expected last year for May and June 2024, this delay could affect the potential bull market for Bitcoin and other cryptocurrencies.